Instead, Young has teamed with Craig Kallman, the chairman of Atlantic Records, to create Pono. Pono, showed off on David Letterman (embedded) on Thursday, is a service that will include an iTunes-style music downloads store, utility software to convert digital audio files into Pono analog-sounding recordings, and hardware as well: audio players.
Atlantic's parent company, Warner Music Group, has reportedly signed on to the project, but that's just one of the Big Four music labels. To make the project successful, though, the format has to go industry wide, so the other record labels would need to sign on for the project to make a dent in the iTunes near-monopoly.
MP3s and Apple's AAC format have been criticized for their quality. In fact, in March of 2011, Jon Bon Jovi went so far as to say that Steve Jobs - and the iPod and iTunes - destroyed the music business.. He wasn't talking about the industry, per se, but the listening experience.
Even Steve Jobs recognized that, according to Young. Young said earlier this year that Jobs listened to vinyl, instead of digital music.
Red Hot Chili Peppers bassist Flea told Rolling Stone that "It's not like some vague thing that you need dogs' ears to hear. It's a drastic difference." He added that Young's reasons for creating Pono are about the sound, not money, "based in just the desire for people to really feel the uplifting spirit of music. MP3s suck. It's just a shadow of the music."
However, My Morning Jacket frontman Jim James said the obvious: "I think that's somewhere that he has to be careful: I've already bought Aretha Franklin's 'Respect' a lot of times. Do I have to buy it again?"
Pono will be compatible with existing digital music formats.